March 3, 2021

Fridman extends the acceptance period of its offer for Dia due to the low acceptance of shareholders

Fridman extends the acceptance period of its offer for Dia due to the low acceptance of shareholders


Mikhalil Fridman has decided to delay a week, until April 30, the term that have the shareholders of the chain of supermarkets Dia to attend his takeover. The reason, the low level of acceptance that your offer is having. According to the CNMV, only 4.64% of the capital to which the offer was addressed has accepted the offer. This represents 3.3% of the total capital of the supermarket chain. A very low percentage for what you need So, doubts about the success of your offer do nothing but grow.

The Russian tycoon, which owns 29% of the group through its reverse arm Letterone, launched a voluntary acquisition offer at a price of 0.67 euros per share, and whose acceptance term ended in principle on Tuesday, April 23 . For the offer to go ahead, Fridman needs to collect half of the capital that he does not yet have, that is, add 35.5% more to the 29% he already has.

Many have been the voices that have asked Letterone to raise the price of its offer, arguing that it does not reflect the real value of the company. But this option has not been contemplated at any time by the Russian. Even so, the Russian had until tomorrow to increase the price of his offer. Now, with the new deadline, you have until April 25 to increase your price. A pressure to which the investment funds have joined, which since the CNMV gave the green light to Fridman's offer, many of them have raised capital in the shareholding, trying to take a cut.

Sources close to Letterone downplay the low level of acceptance, explaining to ABC that "it is normal that in this type of operations the greatest number of acceptances arrive in the last days of the offer". In addition, they comment that when these days coincide with the holidays of Holy Week, what they want is that this circumstance does not end up affecting the shareholders. Thus, in its statement explain the delay of the acceptance date is so that "shareholders of Dia have more time to make a decision on the acceptance of the Offer after the end of Holy Week, to maximize the acceptance of the Offer".


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